金吾财讯 | 国金证券发研报指，毛戈平(01318)3.27公告24年业绩，24年营收38.85亿元、同增35%，其中H2营收19.13亿元、同增29%(H1同比+41%)；24年归母净利润8.81亿元、同增33%，其中H2为3.89亿元、同比+24%(H1+41%)，符合市场预期。该行表示，H2彩妆增长持续靓丽，护肤表现稳健，大单品表现突出。24年彩妆营收23亿元、同比+42%，护肤营收14.3亿元、同比+23%，其中H2彩妆营收12.2亿元、同比+41%(H1同比+44%)、发力色彩类产品(唇釉等)，护肤营收6.14亿元、同比+10%(H1同比+35%)。24年光感无痕粉膏系列/奢华鱼子面膜零售额4+/8+亿元。该行续指，基于光影&东方美学理念的强势产品+化妆师IP专业背书+线下线上协同增强，看好高端国货美妆品牌成长性。预计25-27年归母净利润11.67/15.32/19.44亿元、同增32%/31%/27%，对应PE40/31/24倍，维持“买入”评级。
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